How to do marketing analysis in retail banking?
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In a never-ending battle for consumer wallet, banks not only want all the
information related to their consumers, that they can lay their hands on, they
also want it earlier than their competitors. The icing on the cake would be if
they can have this information even before the consumer knows what he wants!
In a hyper competitive financial services industry, the focus on understanding
customer behavior has increased further. Today’s banking customer not only
demands more services, but is better informed, and is happy jumping ship to a
competitor offering better value or lower price.
During the past two decades, not only has the number of customer touch-points
increased manifold, the categories of these touch-points have also changed
dramatically. While earlier, a bank branch was the principal customer touch-
point, today it is hardly the case. The void has, instead, been filled up by a
plethora of non-traditional or digital touch-points – ATMs, Internet, IVR systems,
social media, mobile, point of sales, and display systems, among others.
American Bankers’ Association tracked the changing consumer preferences in
the 35-54 age group, across 2008 to 2012, and results prove that traditional
touch-points (branches, ATMs, and mails) are being taken over by digital
channels
Banks have started to utilize this consumer shift towards digital channels to
deploy a variety of tools, and technologies to understand their needs, and
behavior better, and offer products and services more in-line with their
requirements. While in traditional channels, banks were limited to demographic
information for their customers, use of non-traditional channels enables them to
have a unique and real-time peek into the customer’s world.
information related to their consumers, that they can lay their hands on, they
also want it earlier than their competitors. The icing on the cake would be if
they can have this information even before the consumer knows what he wants!
In a hyper competitive financial services industry, the focus on understanding
customer behavior has increased further. Today’s banking customer not only
demands more services, but is better informed, and is happy jumping ship to a
competitor offering better value or lower price.
During the past two decades, not only has the number of customer touch-points
increased manifold, the categories of these touch-points have also changed
dramatically. While earlier, a bank branch was the principal customer touch-
point, today it is hardly the case. The void has, instead, been filled up by a
plethora of non-traditional or digital touch-points – ATMs, Internet, IVR systems,
social media, mobile, point of sales, and display systems, among others.
American Bankers’ Association tracked the changing consumer preferences in
the 35-54 age group, across 2008 to 2012, and results prove that traditional
touch-points (branches, ATMs, and mails) are being taken over by digital
channels
Banks have started to utilize this consumer shift towards digital channels to
deploy a variety of tools, and technologies to understand their needs, and
behavior better, and offer products and services more in-line with their
requirements. While in traditional channels, banks were limited to demographic
information for their customers, use of non-traditional channels enables them to
have a unique and real-time peek into the customer’s world.
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